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Insurance. “Rates were up 7 to 15 percent this year, but we’re not expecting that steep of a rise next year. Probably from 3 to 5 or 3 to 7 percent.” On the flip side, general liability insur-


ance pricing was down this year as was the cost of workers’ compensation coverage. “Most accounts were seeing their overall premiums range from a 5 percent decrease to a 2 percent increase,” Fleming says. More and more companies are look-


ing at cyber insurance this year, especially after Equifax announced a breach in September that could cost insurers an estimated $125 million. “Both at the cor- porate level and the personal level, people are thinking about their risk or exposure,” says Stanchina. Schaefer believes cyber insurance


will grow through the mid-2020s. “We’ll see significant premium growth as well as uptake,” he says. “Loss trends will continue to develop and premium has the potential to be volatile based on frequency and severity of incidents.” Cyber events can originate from a


subcontractor or anyone that has access to a company’s electronic data. “This year, cyber liability insurance


rates [on average] increased in the single digits to double digits in some cases, as the providers of this insurance continue to expand their understanding of cyber exposures and ultimate loss payouts,” says Hodges. “Educating the insur- ance buyer as to how a breach can occur and the client’s ultimate exposure is a challenge for all of our agents considering the vast array of threats present via today’s technology.” One of the larger expenses for


companies is health insurance. With rates steadily climbing, many companies are looking for less expensive options, such as self-funded programs. In a traditional insurance plan, the insurance company takes the risk and covers all medical costs. In a self-funded plan, the employer takes the risk of paying claims. If claims go above a certain level, the costs are covered by an underwritten insurance plan. “The self-funded model for large


companies has been around for many years,” says Tony Herbert, vice president of managed care for Bon Secours Health System. “If a company’s costs are less than the predicted amount of medical expenses,


www.VirginiaBusiness.com Herbert


it can retain that amount.” Smaller companies


have refrained from this type of model in the past because the cost is “too unpredictable,” Herbert says, noting the Bon Sec- ours Value Network is a


hybrid self-funded, “level-funded” model. With level funding, the anticipated


losses for the year are divided by 12 so the employer knows what it will pay each month. “We created an affordable,


accessible network of hospital providers through Bon Secours and physicians independent of Bon Secours that are aligned with Bon Secours,” Herbert says. “We wanted to provide an alternative for smaller companies.” The commercial insurance industry


will be watching next year to see how the market fares in all areas, including health insurance. “I don’t think anyone is expecting anything dramatic either up or down in terms of rates yet,” Fleming says.


OUR USI E


FCCI Insurance Group has been insuring businesses and doing what we say we’ll do for more than 58 years. Our expertise in underwriting, risk management and claims handling helps businesses thrive and face the future with confidence.


Ask your insurance agent about FCCI, or visit www.fcci-group.com to find one.


Michael Kirk


Marketing Underwriter Mid-Atlantic Region FCCI Insurance Group


OUR BU NES UR PROMIISE


UR BUSIINESS. UR PROMIS


SE.


General liability • Auto • Property • Crime Workers’ compensation • Umbrella Inland marine • Agribusiness • Surety


Coverage available in 18 states and D.C. © 2017 FCCI


VIRGINIA BUSINESS


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